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Chile Economic Activity August 2023

Chile: Economic activity dips in August

Economic activity dropped 0.9% compared to the same month a year earlier in August, which contrasted July’s 1.8% increase and market expectations of a slight expansion. August’s reading was largely driven by a deterioration the services sector. In addition, mining activity growth slowed. Weak services output was partly due to a teachers’ strike and the suspension of classes in some parts of the country due to flooding.

On a seasonally adjusted monthly basis, economic activity fell 0.5% in August (July: +0.3% mom), the worst result since November 2022. Meanwhile, the trend pointed down, with the annual average variation of economic activity coming in at an over two-year low of minus 1.1%, down from July’s minus 0.9%.

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